"Today, the first and perhaps the only duty of the philosopher is to defend man against himself: to defend man against that extraordinary temptation toward inhumanity to which - almost without being aware of it - so many human beings today have yielded."
Gabriel Marcel

08 July 2016

Gold Daily and Silver Weekly Charts - Le Bon Samaritain

It would be hard to have seen a more technically perfect performance on the chart by gold today, as it came down and bounced off support and finished higher on the day.

Gold was a snoozer in the deliveries and the warehouse reports, as is befitting a normally dull July contract.

Let's see how things go next week.

Silver continues to bleed out, slowly but surely in the warehouse inventories, with JPM having a virtual corner on Comex physical supply.

Price-wise silver is looking very good, and approaching the first of a big set of potential cups and handles with an eye towards $54.

And so we'll put this week in the books.

There was a certain lawyer in the crowed who offered the appearance of respect by standing up, but sought to test him, saying, "Teacher, what must I do to inherit eternal life?"

And Jesus asked him, "What is written in the law? How do you read it?"

And the lawyer said in reply,
"You shall love the Lord, your God,
with all your heart,
with all your being,
with all your strength,
and with all your mind,
and your neighbor as yourself."

And Jesus replied to him saying, "You have answered correctly;
do this and you will live."

But the lawyer, wishing to make himself feel righteous and define the limits of his obligations, asked Jesus,
"And who is my neighbor?"

And similarly, as Pilate the wily parser of the laws, wishing to make himself feel righteous according to the fashions of a worldly empire asked, "What is truth?"

Such is it with all those who deceive others, even as they deceive themselves. They wish to feel righteous in according to the laws, but only to the limit that they do not inconvenience themselves, and their personal desires and powers. They wish to serve God, but not too much.

And so they look to the law, not in the spirit of love and service, but as a game or worldly bargain, in all its particulars and in twisted interpretations of it, in order to bend and distort it to their own will and desires. They may serves with their mouths, but not with their hearts, the word of the law, but certainly not the spirit of it.

Le Propriétaire

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Need Little - Want Less - Love More

The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustainable recovery.

"In the Incarnation the whole human race recovers the dignity of the image of God. Thereafter, any attack even on the least of men is an attack on Christ, who took on the form of man, and in his own Person restored the image of God in all. Through our relationship with the Incarnation, we recover our true humanity, and at the same time are delivered from that perverse individualism which is the consequence of sin, and recover our solidarity with all mankind." Dietrich Bonhoeffer

"A credibility trap is when the managerial functions of a society have been sufficiently compromised by corruption so that the leadership cannot reform, or even honestly address, the problems of that system without implicating a broad swath of the powerful, including themselves.

The moneyed interests and their aspirants tolerate the corruption because they have profited from it, and would like to continue to do so. Discipline is maintained by various forms of soft financial rewards and career and social coercion."

These are personal observations about the economy and the markets. In providing information, I hope this allows you to make your own decisions in an informed manner, even if it is from learning by my mistakes, which are many. As a standing policy I never provide individual investment advice to anyone. I will only occasionally disclose my personal positions for purposes of illustration. Understand that my own circumstances could differ greatly from your own, and therefore what is suitable for me may not be suitable for you. My comments are intended to be reflection on general macro financial and economic events and trends.